North Carolina Down Payment Support Systems
Online Payments - These programs would be the Down Payment Assistance Program and the Mortgage Credit Certificate.
Should you qualify for one of these programs and also you purchase a property between December 1, 2009 and January 1, 2009, you can even be eligible for the $8,000 tax credit merely enacted into law.
First, who is a First Time Home Buyer? A First Time Home Buyer is someone who has not owned a house in the past three years. This is exactly the same qualifying definition for the $8,000 tax credit.
What is a Mortgage Credit Certificate and Who Qualifies?
A Mortgage Credit Certificate (MCC) is a national tax credit to assist home buyers with moderate and low incomes. All home owners can claim an itemized deduction for mortgage interest.
Should you are eligible for the MCC, you are able to claim 20% of the interest you pay as a credit on your own federal income taxes on your mortgage. You can save up to $2,000 on your taxes.
You'll manage to unite this if you do qualify for the MCC, for 2009. This could reduce the tax liability of a buyer's .
Who Qualifies for an MCC?
Household income means the “gross income of the mortgagor and every other person anticipated to live in the home who is 18 years old or older.”
The income and house price limitations that apply in Durham Orange and Chatham Counties are listed below.
MCC Income Limits 1 Person $61,500 2 Men $61,500 3 Individuals $70,500 4 Individuals $70,500
MCC Sales Price Limitations New Dwelling $220,000 Existing House $210,000
Who Qualifies for Down Payment Help?
The buyer only needs to pay and the load would pay around $8,000 of the remaining balance.
This program has more rigorous income limitations than the MCC plan outlined above. Like the MCC program, it might be used in conjunction with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The deposit help, however, can't be used in combination with the MCC. It is an either or situation.
House price limits that apply in Durham, Orange and Chatham Counties and the income are given below.
Down Payment Assistance Income Limits
1 Person $39,950 2 Persons $45,650 3 Individuals $51,350 4 Persons $57,050
Down Payment Support Sales Price Limits New Dwelling $210,000 Existing Home $210,000